Located 30 kilometers north from the countrys capital, Baku, the new manufacturing plant is expected to produce up to 120,000 batteries per year, when fully operational.
According to Jamil Melikov, deputy director of the Azerbaijanian State Agency for Renewable and Alternative Energy Sources (ASARAES), the official start of production is scheduled for December this year.?
The financial details of the project were not disclosed. However, most of the funds for the plant have been secured from private sources.
Despite the fact that Azerbaijan has large reserves of oil and gas in the country, it is paying great attention to the development of alternative and renewable energy sources, in particular photovoltaics.
This is backed up by the fact that ASARAES recently put forward an initiative for the abolishment of customs duties and VAT on the imports of photovoltaic equipment and components, which is currently being considered by the Government of Azerbaijan.??
Furthermore, the country has favorable geographical conditions for the development of photovoltaics, with between 260 and 280 sunny days per year.
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